Norcros taps into strong first-quarter performance

CHESHIRE-based bathroom specialist Norcros says revenue for the 13-week period to July 3 was 18.5% up on the same period last year.

Shareholders of the listed Wilsmlow company at its annual meeting today will be told the increase is 13% in Sterling terms, reflecting a weaker South African Rand.

One a constant currency like-for-like basis – excluding acquisitions – group revenue was 2.6% up on last year.

UK revenue was 18.3% higher, including revenues from Croydex and Abode, with both businesses performing in line with the board’s expectations.

On a like-for-like basis UK revenue was 5% lower than in the same period last year reflecting the ongoing challenging conditions in a number of UK retail channels notwithstanding a resilient trade performance.

This was more than offset by the sustained progress in Norcros’ South African business which grew revenue by 19% on a constant currency basis and by 3% in Sterling terms.

The company will say it is too early to judge the effect the EU referendum result may have on activity levels in our businesses.

Group chief executive Nick Kelsall will say: “Whilst the UK retail sector continues to be challenging, the sustained progress in South Africa, together with the successful integration of Croydex and Abode, means the board remains confident that the group will continue to make progress in line with its expectations for the current year.”